Nice Return If You Can Get It (garble fixed)

Comptroller Tom DiNapoli’s office reports today that with $154.5 billion in the state’s Common Retirement Fund, the pension programÂ has a funded ratio of 104 percent. In simple terms, it means the fund has more than enough money to meet projected payouts.

It also means, DiNapoli said, that state and local governments, which contribute to the fund, can expect lower contributions in 2009.

The fund’s return for the fiscal year ending March 31 was 12.5 percent. How the fund has been effected by the latest dips in the stock market isn’t clear, but DiNapoli’s office said the fund is diversified enough that stock fluctuations don’t significantly impact it.

DiNapoli, who as comptroller serves as the fund’s sole trustee,Â also used the announcement to take a shot at the idea that the fund should be managed by an independent board. The suggestion has come up in light of an ongoing investigation by Albany County District Attorney David Soares into possible misconduct and cronyism by fund managers under former Comptroller Alan Hevesi:

â€œWeâ€™ve avoided the chaos that other states face. Thanks to sole trustees like Arthur Levitt, Ned Regan and Carl McCall, the courts have ruled that the CRF canâ€™t be used as a political football to balance the budget. Instead of facing multi-billion dollar funding shortfalls like New Jersey and Illinois, we expect to lower contribution rates for state and local governments.â€